Risk Manager - City of London, Greater London, United Kingdom - Travelers Europe

Description

Who Are We?

Find out more about the daily tasks, overall responsibilities, and required experience for this opportunity by scrolling down now.

Taking care of our customers, our communities and each other. That's the Travelers Promise. By honoring this commitment, we have maintained our reputation as one of the best property casualty insurers in the industry for over 160 years. Join us to discover a culture that is rooted in innovation and thrives on collaboration. Imagine loving what you do and where you do it.

What Is the Opportunity?

This role is a newly created role, and a prominent role, in the Enterprise Risk Management ('ERM') Team supporting the UK/EU Chief Risk Officers ('CRO') and ERM Senior Actuary. Under general supervision, this role supports the Travelers Europe ERM programme by working with Risk and Control Owners (aka subject matter experts) in the business units (or the first line of risk management) to develop and embed the Travelers Europe Risk Management Framework ('RMF') in view of business plans.

This role works across all principal risks (Insurance, Market, Operational, Credit, Liquidity and Strategic) through working with other experts including but not limited to, Actuarial, Catastrophe Aggregation, Compliance/Legal and Corporate Audit teams to develop risk mitigation and resilience. This role also works with the ERM Senior Actuary to develop and deliver value adding model validation and review of the capital modelling capabilities that support business financial decision making. This role assists with fulfilling regulatory requirements and consistently applying the RMF including the Capital Model and its uses and limitations.

The Risk Manager provides advice, guidance and challenge, and drives engagement of ERM with key internal stakeholders and produces reports suitable for external parties. This role does not have direct line management responsibility.

Learn more about Travelers Europe Enterprise Risk Management by watching these insightful videos, providing you with a comprehensive understanding of our functions and the exciting opportunities that await you:

Travelers Europe currently offers flexibility to employees who wish to work on a hybrid basis in accordance with our Hybrid Work Arrangements Policy. This entails full time employees working three days a week in the office and two days at home (or pro rata for part-time employees). This policy may be changed at the Company's discretion.

What Will You Do?

• Is a relationship manager for the business units ('BU'), through ad hoc and regular Risk and Control Self-Assessment ('RCSA') meetings, to ensure full and consistent understanding of risk assessments, and to communicate the expectations Risk and Control Owners need to meet. Ensures there is strong collaboration across other lines of risk management.
• Works with business owners to identify and assess the internal control environment leading the reporting of risk events and challenging business actions to remediate deficiencies; and reports findings, recommendations and updates to the Boards and Committees.
• Reviews and challenges quarterly risk rating updates and risk exposure reports, using experience and external benchmarking. Escalates priority items, unresolved or unexplainable issues to the CROs and Risk Owners.
• Collaborates with BU to identify and mitigate emerging risks often through working on transformation / strategic projects as the ERM subject matter expert.
• Collates and aggregates financial and non-financial risk exposure data, preparing risk reports for Boards and Committees e.g., risk appetite performance and risk register summaries. Assists with verifying the effectiveness and functioning of remediation activities as they progress and/or complete.
• Develops and maintains ERM documentation (frameworks, policies and process definitions) and updates/produces risk reports owned by the Travelers Europe Boards e.g., ORSA, Risk Book (aka ORSA Record), Operational Resilience Self-Assessment and others.
• Assists with preparing the Validation Report to Prudential Regulation Authority ('PRA') and Lloyd's requirements and other documents that may be required, including the Validation Policy and Validation Standards and supporting documentation. Assists with monitoring compliance of validation processes in line with regulatory requirements reporting to the Model Oversight Committee.
• Assists with the design and implementation of stress tests to be carried out on risk types modelled in the Travelers Europe Capital Models in order to provide sufficient objective review and challenge on the functioning of the model and accuracy and appropriateness of its outputs for all model uses.
• In partnership with model parameter owners, assist with the design and implementation of appropriate tests to provide. objective review and challenge of model inputs and the expert judgement involved in preparing those inputs.
• Assists with carrying out any specific validation tests required by regulations and guidance from the Central Bank of Ireland, Prudential Regulation Authority and Lloyd's, including Profit & Loss Attribution and Stress & Scenario testing.
• Assists with communicating the outcomes of all tests carried out to Model Oversight Committee, the ERC and the Boards; assists with communicating the impact and consequences of any failed tests and working with stakeholders to develop timescales and priorities for resolution.
• Perform other duties as assigned.

What Will Our Ideal Candidate Have?

• Project management - experience of working with functional management and building good relationships required, including the ability to manage and make significant contributions to risk projects and report/present to stakeholders using Microsoft tools.
• Bachelors degree or higher in a numerate subject - Studying towards, or holds, MBA, Casualty Actuarial Society (FCAS), Fellow of the Institute and Faculty of Actuaries (FIA), Chartered Financial Analyst (CFA), Financial Risk Manager (FRM) or similar.
• Insurance - Chartered Insurance Institute (CII), Lloyd's Market Association (LMA) or others that are similar.
• Risk Management - Institute of Risk Management (IRM) or Federation of European Risk Management Associations (FERMA) or others that are similar.

What is a Must Have?

• Qualifications and/or experience of quantitative (or financial) and non-quantitative (or non-financial) risk management methods and tools in the UK/EU insurance industry.

What Is in It for You?

• Private Medical Insurance: On commencement of employment, you are eligible for single cover provided by Travelers, with the option to add cover for your dependents, at your expense through payroll deduction.
• Retirement: Travelers will make a basic contribution of 9% of pensionable salary to your Group Personal Pension Plan ("GPPP"). If you decide to contribute an additional amount from your salary, you will receive an increased company contribution up to a maximum of 3%. This would bring the total company contribution to 12%.
• Holiday Entitlement: Start your career at Travelers with a minimum of 25 days holiday entitlement annually, plus the opportunity to purchase additional days to allow for up to a total of 35 holidays per year.
• Wellness Programme: The Travelers wellness programme is comprised of tools and resources that empower you to achieve your wellness goals. In addition, our Employee Assistance programme provides access to professional counseling services and other resources to support your daily life needs. Through the EAP, you're eligible for five free counseling sessions with a licensed therapist.
• Volunteer Encouragement: We have a deep commitment to the communities we serve and encourage our employees to get involved. Travelers has a Matching Gift and Volunteer Rewards programme that enables you to give back to the charity of your choice.

Employment Practices

Travelers is an equal opportunity employer. We value the unique abilities and talents each individual brings to our organization and recognize that we benefit in numerous ways from our differences.

If you are a candidate and have specific questions regarding the physical requirements of this role, please send us an email so we may assist you.

Travelers reserves the right to fill this position at a level above or below the level included in this posting.

To learn more about our comprehensive benefit programs please visit